Image source: © 2025 Krish Capital Pty. Ltd.

Highlights

  • RPI has reported revenue of USD 135.5m in H1 2025, down 6% year-on-year, with flat unit volumes.
  • Direct SBC and Compute Module sales up 21% year-on-year, 27% sequentially.
  • During the reported period, profit before tax reached USD 6.2m, down 43% from H1 2024.

Raspberry Pi Holdings plc (LSE:RPI) announced unaudited results for the half year ended 30 June 2025 (H1 2025), reporting revenue of USD 135.5m, a decrease of 6% compared to USD 144.0m in H1 2024. Unit volumes were flat year-on-year but increased 9% sequentially from H2 2024.

Gross profit for H1 2025 was USD 33.2m, compared to USD 34.2m in H1 2024, with gross margin improving to 25% from 24% a year earlier. Adjusted EBITDA was USD 19.4m, down 7% year-on-year but up 19% sequentially. Profits before tax fell to USD 6.2m, a 43% decline compared to USD 10.8m in H1 2024.

Basic earnings per share stood at 2.79c, down from 4.53c in H1 2024, while adjusted EPS was 4.76c, a 33% decrease. Cash balances at the end of the period were USD 34.3m, down 15% from USD 40.4m in H1 2024, reflecting repayment of extended payables.

Revenues from direct sales of single-board computers (SBCs) and Compute Modules rose 21% year-on-year and 27% sequentially, supported by demand from both existing and new OEM customers. Direct unit shipments to Approved Resellers and OEMs grew 13% compared to H1 2024 and 8% sequentially.

The company launched seven new products during H1 2025, compared to three in the same period last year, with a similar number expected in the second half. Semiconductor unit volumes reached USD 4.5m, exceeding board unit volumes for the first time.

Non-financial metrics included unit volumes of USD 3.6m compared to USD 3.7m in H1 2024, seven new product launches, and 115 Approved Resellers, up from 112 a year earlier. Engineers accounted for 48% of total employees at the end of the period.

The outlook statement confirmed that the second half of the year had begun positively, with EBITDA ahead of the prior year. The company expects higher volumes in H2, supported by demand growth and a substantial order backlog. Raspberry Pi stated it has sufficient DRAM supply to meet FY2025 sales targets and noted available options to mitigate potential shortages or price increases in FY2026.

The Board’s profit expectations for the full year remain unchanged.

Raspberry Pie shares were trading 3.32% lower at GBX 388.47 per share at the time of writing on 23 September 2025.